[Form 4] EMPIRE PETROLEUM CORP Insider Trading Activity

Rhea-AI Filing Summary

Empire Petroleum (EP) director and 10% owner Phil E. Mulacek reported insider transactions dated 11/05/2025. He purchased 187,084 common shares at $3.77 (Code P) and exercised options for 589,100 shares (Code M) tied to options with a $1.32 exercise price.

Following the reported transactions, he directly beneficially owned 6,151,199 common shares. The filing also lists indirect holdings of common stock, including 817,262 shares by Petroleum Independent & Exploration LLC, 526,300 shares by Big Red Revocable Trust, 485,202 shares by Five Sterling LP, and 42,833 shares by his spouse. An explanatory note states the option vested in three installments on April 3 of 2019, 2020, and 2021.

Insights

Insider transactions analyst

Insider bought shares and exercised options, increasing direct holdings.

Phil E. Mulacek disclosed buying 187,084 EP shares at $3.77 and exercising options into 589,100 shares at an exercise price of $1.32 on 11/05/2025. These actions are reported under codes P (open-market purchase) and M (option exercise).

After these transactions, direct beneficial ownership rose to 6,151,199 shares, with additional indirect positions listed across entities and a spouse account. The option referenced had vested in three tranches (2019–2021), aligning with typical long-dated equity awards expiring on 04/02/2029.

Form 4 filings document ownership changes; actual market impact depends on size relative to float and subsequent trading activity by the holder. This disclosure is administrative in nature and does not by itself change the company’s fundamentals.

Insider Trade Summary

Net Buyer: 776,184 shares ($1,600,150)

Net Buy 8 txns

Insider Mulacek Phil E

Role Director, 10% Owner

Bought 776,184 shs ($1.60M)

Type	Security	Shares	Price	Value
Purchase	Stock option (right to buy)	589,100	$1.519	$895K
Exercise	Stock option (right to buy)	589,100	$0.00	--
Purchase	Common Stock	187,084	$3.77	$705K
Exercise	Common Stock	589,100	$1.519	$895K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock option (right to buy) — 589,100 shares (Direct); Common Stock — 5,562,099 shares (Direct); Common Stock — 817,262 shares (Indirect, By Petroleum Independent & Exploration LLC)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mulacek Phil E

(Last) (First) (Middle)

25025 I 45 NORTH

SUITE 420

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
EMPIRE PETROLEUM CORP [ EP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/05/2025		P		187,084	A	$3.77	5,562,099	D
Common Stock	11/05/2025		M		589,100	A	$1.519	6,151,199	D
Common Stock								817,262	I	By Petroleum Independent & Exploration LLC
Common Stock								526,300	I	By Big Red Revocable Trust
Common Stock								485,202	I	By Five Sterling LP
Common Stock								42,833	I	By spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock option (right to buy)	$1.32	11/05/2025		P		589,100		(1)	04/02/2029	Common Stock	589,100	$1.519	589,100	D
Stock option (right to buy)	$1.32	11/05/2025		M			589,100	(1)	04/02/2029	Common Stock	589,100	$0	0	D

Explanation of Responses:

1. The option vested in three installments as follows: 312,500 shares on April 3, 2019; 156,250 shares on April 3, 2020; and 156,250 shares on April 3, 2021.

	/s/ Phil E. Mulacek	11/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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